Those that continue to work past 66 will get a higher pension of about 5% each year

After much delay and speculation, it is believed that the pension age will not rise above 66. According to The Journal:

“Social Protection Minister Heather Humphreys is to seek Cabinet approval that the pension age should not rise above 66.”

However, those who continue working past 66 will receive higher pension payments for doing so. The Journal reports:

“Under the proposals going to Cabinet today, people who want to work longer can do so, and as a result will get a higher pension of about 5% each year past 66.”

The current weekly rate of the state pension sits at €253.30. This new approach is meant to provide more flexibility, giving people better options when it comes to retirement. Allowing this option is also being called as the “biggest ever shake up” to the Irish pension scheme.

The Journal reports that, “Those in Government believe that the choice being prepared today is the fairest option and creates a modern system similar to other EU countries.”

In July Micheál Martin made a statement back in July that the pension age should not rise above 66. In October 2021, the Pension Commission report published said that the State pension age should rise by three months each year from 2028 until it hits 67 in 2031.

Meanwhile Sinn Fein have pledged to return the pension age to 65.

Header image via Shutterstock

READ ON: Check out the All Ireland winners at the final of the Irish Restaurant Awards